WASHINGTON, DC - U.S. President Donald Trump has flipped again on trade relations with China. Just as markets were warming to the prospect of a trade deal being consummated, the president has again weighed in putting in doubt the likelihood of a deal being donme.

On Thursday and Friday officials in China, confirmed by U.S. officials, said both Beijing and the White House had agreed to delay the implementation of some tariffs, and even waive some others, as part of a Phase-1 deal being negotiated.

On Friday President Trump denied this.

He said he has not agreed to rollbacks of U.S. tariffs which he said China was seeking.

He made clear to reporters at the White House he had not agreed to reduce tariffs that are already in place.

"China would like to get somewhat of a rollback, not a complete rollback, 'cause they know I won't do it," the president said. "I haven't agreed to anything."

"I'm very happy right now. We're taking in billions of dollars," he said.

Mr Trump reaffirmed that if a deal is reached it will definitely be signed in the United States, and gain indicated it could be in Iowa.

"Assuming we'd get it ... it could be Iowa or farm country or some place like that. It will be in our country," he said.

U.S. stocks fell on the Trump statements, and remained subdued through the trading day.